Lump sum at 55 query

16 Jul 2017, 16:55

Hello, I left in 2004 with 14 years pensionable service. There is a possibility that I may take a reduced pension at 55. Can anyone say what happens to your lump sum, i.e. do you still get one and if so is that reduced pro rate like the pension, 5% per annum? Also do you have to take one, as my amount is only relatively small £5k ish, can you exchange it for a larger pension? Many thanks.

Lump sum at 55 query

16 Jul 2017, 17:15

Leaving in 2004 with 14 years’ service means you have a deferred section C pension. Therefore you don’t get a lump sum as standard, but you can exchange some of your pension to get one if you choose.

Both the pension income & lump sum if taken, will be reduced when taking them early.

There’s lots of info on the RMPP here: ... an/library

Lump sum at 55 query

17 Jul 2017, 06:47

Thanks Robert. My annual statement does quote a lump sum, but I've wondered if it makes any difference being a deferred member. I've searched the RMPP previously but couldn't locate anything on lump sums at 55 for deferred members I'll have a look via your link again.

Kind regards, Martyn.

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